Who cares if your company is socially responsible?

People keep asking me this question so I decided to put my answer in one place. So, who cares?

Your customers

90% of consumers would switch brands to one that is associated with a good cause, given similar price or quality.

90% will be more likely to trust that company. In the world where trust in companies is low (and getting lower) this number is incredibly important.

Your employees

88% of Millennials want to work for a company whose values reflect their own.

In an interview with Private Goodness, Nick Hart, Head of Corporate Social Responsibility at Turner Broadcasting (EMEA) said:

‘Millennials always want to know about our CSR and diversity policies and say that it is one of the reasons they joined and want to continue working with us. More and more companies are seeing this and so for this reason alone CSR is here to stay.’

Why care about millennials? For one, they will comprise 75% of the global workforce by 2025.

Your shareholders

Uniliver report that their Sustainable Living brands grew over 50% faster than the rest of the business.

Companies spend money on all sorts of things to generate growth – why not try a way that also helps others?

Your community

We live in uncertain times (have we ever lived in certain times?) From climate change, to poverty, to isolation, there are lots of problems to be fixed.

41% of charities that are tackling these challenges expect to be partnering with more private sector organisations. Now it's up to the private sector to respond.

Your government

For a while now a key UK government policy has been to:

‘build an inclusive economy in which prosperity is shared and businesses focus on their wider role in society, alongside their established duty to create value for shareholders.’

However, it was in August 2018 when government officially put responsible business in the heart of their civil society strategy, leaving no doubt that this is a serious matter for government.

The United Nations

‘In September 2015, all 193 Member States of the United Nations adopted a plan for achieving a better future for all — laying out a path over the next 15 years to end extreme poverty, fight inequality and injustice, and protect our planet’.

These are now known as the Sustainable Development Goals.

Involvement from businesses, from start-ups to to global is crucial, and 71% of businesses say that they are already planning how they will engage with the Goals.

That's the whole lot of stats. What if they are all wrong? Then you might still end up with a socially responsible company that you can be proud of.

To untangle all things CSR, you can start by e-mailing info@privategoodness.com to arrange a chat.

Embracing social responsibility sometimes takes time (and we are all under so many other pressures) but making a positive difference to your team, your community and your planet can be rewarding in more than one way.